Convex posts first full-year net profit

Convex Group Ltd. Thursday reported it swung to a net profit of $503.2 million, compared with a net loss of $142.2 million in 2022.

This was Convex’s first annual net profit since its launch in 2019.

Last year’s profit included a deferred tax asset of $67.7 million related to the enactment of Bermuda’s corporate income tax, Convex said in its earnings statement.

Gross written premium increased 39% to $4.218 billion from $3.035 billion in 2022, and net premium earned increased 39% to $2.337 billion, from $1.686 billion.

Net investment income totaled $240.4 million in 2023 compared with a loss of $107 million the prior year.

Stephen Catlin, executive chair of Convex Group, said in the statement that market conditions and rates improved significantly in 2023.